Mortgages and House Prices: Potential Brexit Effects

With Article 50 being triggered, the future of house prices is uncertain. Negotiations can take up to two years, and predicting every change isn’t easy. With the pound’s value varying after Brexit, ensuring that you take certain steps to avoid losing money is vital.

Currency

While the unpredictability of the currency movements makes it impossible to determine how much money you will receive, planning ahead can help you save money. If you find that you’re happy with the current rate, you can buy your currency straight away to guarantee you will get an amount you’re happy with.

If you’re going on holiday, make sure that you never buy your money at the airport, as you won’t get the best rates. Buying it in advance is a sure way of getting a fairer amount. Always compare prices and rates with expert tools or banks, and check local independent bureaus for fair exchange rates.

Interest Rates

Set by the Bank of England, the interest rate in the UK is utilised as a benchmark for interest rates in general, in addition to setting the rates for lending money to other banks. With Article 50 being triggered, there is a possibility of your savings accounts and your pay on loans interests being affected.

The main concern is inflation and its potential pressure upon the Bank of England to raise interests. With the possibility of mortgage rates rising independently, having mortgage advice if you’re on a standard variable rate deal might help you to protect yourself in the future.

House Prices

A slight change was seen after the vote to leave the EU, with house prices slowing down their growth. The impact has been minimal so far, and it’s not to be expected that a major change will happen. To see a big change happen would require a high number of people defaulting on their mortgages and causing cheap houses to enter the market.

The housing market has withstood Brexit effects so far, but the continuation of the uncertainty regarding the future of the UK after Brexit may cause a few changes to happen.

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